Iran legalizes Crypto Mining ⛏️⚖️
Iranian news agency Mehr News reported that the Iranian government has allowed the mining of cryptocurrency and now it will be considered one of the types of production activities.
Mining should be licensed from the Ministry of Industry, Oil and Commerce.
Crypto-mining, like other industrial activities, is subject to taxation if the recipient of the cryptocurrency is not exported and the income is not returned to the country.
Despite the fact that the use of digital money in domestic operations is not allowed, the decision of the government should be considered a sequential step towards the legalization of cryptocurrency in Iran.
As previously reported, the Central Bank of Iran (CBI) has already approved the release of state-owned gold-plated cryptocurrencies. This project was called Paymon. Considering that cryptocurrencies can be used as a means of mitigating the effects of tough economic sanctions imposed by the United States against Iran.
Check out the recent video you can see on the screen. Just in case, I left the link below the video.
Iran is considered one of the most attractive regions for crypto mining because of the low cost of electricity, which is currently about 2 cents per kilowatt-hour, according to Mehr News.
However, the same article states that the government set the price at about 7 cents per kilowatt-hour.